Hyperliquid has taken another step up: the HYPE token has surpassed Dogecoin by market capitalization and entered the top ten largest cryptocurrencies. This is a major milestone for the project, especially considering that HYPE is considered an asset with real utility, while DOGE remains a classic memecoin.
As of the end of May 2026, HYPE is trading around $69. The token’s market capitalization fluctuates between $15.4 and $17 billion depending on intraday price movements. At the peak of this growth, Hyperliquid briefly rose to ninth place among all cryptocurrencies.
Dogecoin is now right behind it, in 11th place. The memecoin’s market cap remains almost unchanged, so the battle for a spot in the top 10 between the two projects continues.
Top 11 cryptocurrencies by market capitalization. Source: CoinGecko
HYPE Overtakes DOGE: Hyperliquid Enters Top 10 Cryptocurrencies by Market Cap
Hyperliquid is a high-performance layer-1 blockchain designed specifically for trading perpetual futures and spot assets without intermediaries.
The network offers transaction confirmation in less than a second, its own on-chain order book, and trading with no gas fees. The platform’s speed rivals centralized exchanges while maintaining a decentralized architecture.
Since launch, transactions worth trillions of dollars have passed through Hyperliquid, and the platform’s total revenue has exceeded $1.16 billion.
Almost all trading fees are directed to a special Assistance Fund. These funds are used for ongoing buybacks and burning of HYPE, creating additional demand for the token and reducing its supply on the market.
Recent growth factors include the CFTC approval for launching regulated perpetual contracts in the USA, capital inflows into spot ETFs, including the BHYP fund from Bitwise, as well as rapid user base expansion, which has already surpassed 2 million addresses.
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Unlike memecoins, whose value often depends solely on market sentiment, HYPE relies on real activity metrics. Daily trading volume often exceeds $1 billion, open interest remains high, and the token burn mechanism is directly tied to the platform’s success.
The rise of HYPE coincided with a period when the market began to look beyond flashy names and social media activity. More and more attention is being given to projects backed by real users, trading volumes, and actual revenue.
Against this backdrop, Hyperliquid appears noticeably stronger than many competitors. Over the past week, the token continued to reach new local highs, while Dogecoin remained almost unchanged in price over the same period.
The market is also paying close attention to the development of HyperEVM, which expands the Hyperliquid ecosystem and opens up new opportunities for DeFi applications. Investors are also watching token buyback programs that continue to support demand.
Among the upcoming events that could affect the price of HYPE, market participants highlight further development of ETF products, possible network governance proposals, and increased competition in the crypto derivatives market.
The story of Hyperliquid entering the top 10 shows that the crypto market is gradually changing. Increasingly, a project’s ranking is determined not by hype and brand popularity, but by product demand and the project’s ability to generate real revenue.
